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Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme | Daily Current Affairs 2023

👉RoDTEP was decided to be extended to the pharmaceuticals, chemicals and iron & steel sectors. 👉This is done to boost the exports in the scenario of pandemic induced impact and demand slowdown in major markets.

🔸RoDTEP scheme

👉Introduced in 2021 to replace an earlier merchandise export incentive scheme
👉 The RoDTEP scheme refunds the embedded central, state, and local duties and taxes to the exporters that were so far not being refunded (the refund is issued as a transferable electronic scrip by the Central Board of Indirect Taxes and Customs)
👉 It ensures a ‘zero rating’ of exports or ensure that no domestic taxes are added to goods meant for export.
👉It is based on the globally accepted principle that taxes should not be exported

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